Vincent La Fiura, Toronto Real Estate, Condos, Lofts, Townhouses, MLS Broker

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Toronto Home Buying Process - Toronto Real Estate Blog

August 25, 2010 - Updated: June 28, 2011

So you’re buying a home in Toronto and after countless visits and many months of searching for the ideal home, you finally find the right one that fits your criteria, it has everything that was a must in your list. You have fallen in love all over again! You’re excited and relieved at the same time that the home buying process is finally over! But is it really over? The answer to that is no, it’s just begun.


Just like a race car that is fine tuned prior to the big race you as a buyer need to prep yourself for your own race! So start your engine cause here you go!



1. The first step in achieving your milestone- Submitting your offer and start the negotiation process.  Analysis all the data that you’re Realtor has provided to you as far as compared sales in the neighbourhood , you feel comfortable offering your price and terms. After countless sign backs between you and the seller you have finally come to a deal! Yeah!!! You start to believe that this journey is finally coming to an end! But wait there’s  more. You have just successfully completed the second lap of the race.


2. Fulfilling the condition period- ok, how do we do that and what does this mean? Well first things first, you need a reputable Home Inspector and have the home inspected to search for defects.(  a prudent Realtor will advise that you first obtain a pre approval from the lender within the condition period prior to spending the money on a home inspection. There is no point in spending money to have the home inspected if the lender will not grant you a pre approval first!) Let’s assume that the home inspection reveals major defects!(as there is no perfect home) what do you do now? Well you have a few choices, First- walk away from the deal and start your race all over again, Two- try and roll back the purchase price with the seller to cover the costs to repair the defects or Three- have the seller repair at his cost all the defects prior to closing.


3. The appraisal- When buying a Toronto home that is for sale it’s usually sold on the open market.(MLS) Which in turn will make it more simple for the lender to appraise the home. Now days the Federal Government of Canada has implemented new regulations for pre approval and mortgage commitments, What does this mean for you? To put it simply, more screening and more proof of income.


4. Insurance- When buying a home in Toronto it is mandatory that you have proper insurance at the time of closing, most homes since they were built in the early 1900’s were built with an out dated construction code, prepare yourself for the worst relating to your insurance premiums.


5. Closing table and closing costs- There are major closing costs when buying a home in Toronto as opposed to its neighbouring cities known as the 905’ers! The biggest is the Land Transfer Tax! In Toronto you are basically paying double (some exemptions do apply) The second burden of costs are the legal fees that your lawyer is going to generously take from you, and those fees can steam anywhere from $800 per transaction to $1500.00 depending on how complicated your race was.



In summary if you have successfully completed step 1 through 5 (1-5 is a brief shortened summary of the home buying process! For the full complete step by step process please visit my website) then congrats as you have just won the race!!


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Tagged with: condtion period insurance appraisal home inspector offer negotiation offer and sign back toronto mortgages toronto homes for sale homes in toronto for sale home buying process
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Vincent La Fiura
Toronto Real Estate, Condos, Lofts, Townhouses, MLS Broker

Phone: 416-769-1616
Fax: 416-769-1524


RE/MAX West Realty Inc.
Brokerage, Independently Owned and Operated

1678 Bloor Street West, 4th Floor
Toronto, Ontario. M6P 1A9.

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